Disclaimer: I am not a lawyer. I am
only publishing my interpretation of my situation. You should seek your
own legal representation for your own particular
situation. Do not rely on my
opinions or statements for your own purposes as state
and local law varies as do individual circumstances.
The new administration in Washington is working on a new
plan for avoiding foreclosures here in the U.S. In anticipation,
several large banks have announced that they will be halting
foreclosures until after February - long enough to get the
details on the new government plan. Unfortunately, Wells Fargo
is not one of those large banks. Wouldn't you know it, the condo
that I would like to save is held by Wells Fargo.
I do have one condo that
is held by CitiMortgage. I can always fall back on that one if I
do lose the Wells Fargo condo, but the Wells Fargo condo would
be much nicer to live in (It is a three bedroom condo while the
CitiMortgage property is a one bedroom condo). On top of this,
the Wells Fargo condo is set for a foreclosure sale date of
February 24. That does not give me much time at all to try and
save the property.
I am in the middle of a
Debt-to-Income Mortgage Modification Application with Wells
Fargo. Actually, I am waiting for them to mail me the
application (they could not fax it or email it - they had to
mail it...). It being President's Day, I do not think the mail
will run today (I checked the
www.USPS.com website, but I could not find a calendar; but a
post on Yahoo says 'no mail'). Hopefully, though, I should get
the application tomorrow and be able to fill it out and fax it
back before Wednesday.
Why the big rush now to
save the three bedroom condo when I have not made any mortgage
payments on it since November of 2007? Things have changed. I
lost the other house in foreclosure - there was no chance to
save that property back then. There is a new administration in
Washington that is making greater efforts to stop foreclosures
(not just buyer encouragement, homeowner encouragement). My
lease where I live currently is up for renewal at the end of
March. Plus, I do not think the foreclosure from last year will
be coming after me personally (They sent me a 1099-C and a
1099-A for taxes which would appear to indicate that the debts
have been settled. Of course, I could be wrong on this; but no
action past foreclosure has yet been taken against me). All of
these things together have encouraged me to try to save the
three bedroom condo. Six months ago, I had decided that there
was no way of saving any of my properties. This is an excellent
example to everyone else that you should review your options on
a continual basis when it comes to foreclosure.
Today, I will be
collecting all of the things which I think might be required on
the Debt-to-Income Mortgage Modification Application like my
recent paystubs, tax returns, bank statements, etc. I will try
to have all of that ready so that when I actually do get the
application, I can save time by not having to look for all of
this stuff then. Luckily, all of these things are pretty easy
for me to collect as I have these things compiled from other
applications.
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